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News in the ‘Business & Finance’ Category

Sierra Leone Business: Salone Microfinance trust takes loan scheme to Calaba Town

Monday, January 21st, 2019
Sierra Leone Business: Salone Microfinance trust takes loan scheme to Calaba Town

In a bid to ease the commuting of business people within Calaba Town to access their service in Rokupr, Salone Microfinance Trust (SMT) on Friday 18th January, 2018 opened its second branch in Freetown at 73 Main Motor Road, Calaba Town. The office which is strategically located at the center of business transactions at Calaba[…]

Sierra Leone Business: Salone economic decisions will be based on local research –Finance Minister

Monday, January 21st, 2019

As he launched the Research Training Workshops and Policy Clinics Minister of Finance Jacob Jusu Saffa has stressed the importance of having an evidence based research policy in place for the simple fact that when an economist makes a mistake the nation will perish. “I have been so disturbed that decision making in this country[…]

Sierra Leone Business: Depreciating exchange rate, new borrowings increased Salone debt

Monday, January 21st, 2019

Debt levels remain elevated in many countries and continue to rise, but in Liberia and Sierra Leone, the debt-to- GDP ratio has increased more than twofold over the last five years, driven by a significant slowdown in growth and continually weak revenue collection (Liberia) and a depreciating exchange rate coupled with new borrowings (Sierra Leone). This[…]

Sierra Leone Business: Local Councils 2017 budgetary performance was ‘poor’

Monday, January 21st, 2019

An audit into the 19 Local Councils budgetary performance for 2017 during the mobilisation of their Own-Source Revenue (Tax &Non-Tax Revenue) was poor, according to the Auditor General Lara Taylor-Pearce. After a comparative analysis between the budgeted and actual own-source revenue generated, it showed that the actual revenue was less than the budgeted amounts by[…]

Sierra Leone Business: China-Salone ties good for prosperity – Wu Peng

Monday, January 14th, 2019
Sierra Leone Business: China-Salone ties good for prosperity – Wu Peng

Chinese Ambassador in Sierra Leone Wu Peng has said that Cooperation between China and Sierra Leone will benefit both people as they work towards a common economic and infrastructural relationship. Ambassador Wu said both governments have a clear understanding and the economic cooperation between the two will be visible this year as many of the[…]

Sierra Leone Business: NASSIT awarded contract valued over Le876m more than the bid price

Monday, January 14th, 2019
Sierra Leone Business: NASSIT awarded contract valued over Le876m more than the bid price

In 2015, the National Social Security and Insurance Trust (NASSIT) awarded contract for a value more than the Bid Price. This was discovered during a review of the procurement documents submitted for the supply, installation and commissioning of solar system by the Audit Service Sierra Leone The Audit Report 2017 revealed a difference of Le876[…]

Sierra Leone Business: Agriculture Ministry transfers Le1.7bn without authority

Monday, January 14th, 2019
Sierra Leone Business: Agriculture Ministry transfers Le1.7bn without authority

Under the Presidential Initiative Programme of the past APC government, the Ministry of Agriculture, Forestry and Food Security (MAFFS) was allocated Le1.5 billion for a cash transfer program to Farm Based Organisations (FBOs) but ended up transferring a total cash of Le3.2 billion (Le3,255,000,000) in 2017. As a result, the Auditor General in her 2017[…]

Sierra Leone Business: Non-tax revenue hits all-time high of Le775bn in 2018

Monday, January 14th, 2019
Sierra Leone Business: Non-tax revenue hits all-time high of Le775bn in 2018

Non-Tax Revenue (NTR) figures for at the end of December 2018 have more than doubled mainly due to the implementation of the Treasury Single Accounts (TSA). In 2017, NTR collected was Le386 billion (Le386,696 billion), but this has more than doubled at end 2018 to Le775 billion (Le775,075 billion), with shows a more than 100% increase[…]

Sierra Leone Business: From House Boy to Millionaire… how a houseboy beat all odds and made over $1 million from $250

Monday, January 14th, 2019

Life gives you what you put into it. Everyone has the opportunity to become successful in life irrespective of their background. Poor beginnings never define the future of any man or woman. It only shows the reality of their starting point.  A man or woman’s life accomplishments not only lies in his or her decision[…]

Sierra Leone Business: NRA’s target for 2019 is Le5.5 trillion

Monday, January 14th, 2019

The National Revenue Authority is targeting Le5.5 trillion for 2019 as against their set target of Le4.3 trillion in 2018 of which they were able to reach Le4.205 trillion as against 31st December. The Domestic Tax Department (DTD) collected 59%, Customs 23% and non-tax revenue 18%. Compared to 2017, NRA’s collection in 2018 was at[…]